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of defense has invested significant time and resources into improving our nation's energy security. energy security is imperative to the success of today's military. which, by the way, uses 93% of the energy that's used by the federal government, which is the largest user of energy in this country. as our current chairman of the joint chiefs of staff, general dempsey, has said, without improving our energy security we are not merely standing still as a nation, we are falling behind. let's be clear. energy security is national security. and our military leadership understands this. other countries, including some of our strongest competitors, also understand this and we ignore this fact at our own peril. i saw some of the innovations that the navy has adopted earlier this year when i chaired a hearing for the energy subcommittee on water and power down in norfolk aboard the uss kersarge. the purpose was to highlight the advancements the navy continues to make in harnessing renewable energy resources. up with of those resources i saw is homegrown -- homegrown biofuels. and the navy recently
to the new rules about to hit our already fragile economy and as fiscal cliff talks continue, big defense cuts are still on the table. so, should republicans embrace the sequester or make a deal to avoid it? welcome to the journal, editorial report. is the obamacare a sure thing or vast expansion of medicaid, heavily dependent on state implementation and a growing number of the governors are saying they won't do the federal government's bidding. wisconsin's scott walker is one of them and joins me now, governor, great to have you with us. >> paul, good to be with you. >> paul: when you wrote to the hhs secretary kathleen sebelius, you wouldn't set up a state exchange you wouldn't have the flexibility to make it work. why don't you elaborate on what you mean by lack of flexibility. >> each of the governors who run it, a state run, partnership or referring to the federal government. any folks that have a state run exchange they need to realize in the end there is no flexibility in terms of final outcome, there is no substantive difference between the three option, all of them lead to a fede
captioning institute] [captions copyright national cable satellite corp. 2012] >> in a few moments, defense secretary leon panetta speaks of the center for new american security. "washington journal" is live at 7:00 eastern. the average new facebook is in india or indonesia right now. they are using a mobile phone primarily. in a lot of cases, there is not an infrastructure that you have in the u.s. many americans will say facebook is good for gossip and seeing what my friends are getting for lunch but if he were to talk to somebody in the middle east, maybe, you would hear a different story which is that facebook was providing access to news to people that had unique access to information they were not able to get otherwise and you get a much more meaty store about what facebook means to them. >> more from this facebook engineer with an insider's view of the company thanksgiving day on cspan after 12:30 p.m. eastern. at 2:00, chief justice john roberts. later, space pioneers and nasa officials pay a much to the first man to walk among, nell armstrong just before 11:00. >> defense secretary
governments or not. they responded well. the first thing would be to find out how they did well. >> defense secretary leon panetta says america's fight against hawkeye is moving beyond clear combat zones, requiring -- against al qaeda is moving beyond clear combat zone. he also discusses the impact of the so-called fiscal cliff, also budget cuts to the defense department. this is an hour and 15 minutes. [applause] >> thank you for coming. it is an honor to be back and an honor to be introducing my old boss. as you know, secretary of the net debt is one of the most respected and experienced hands in washington. his resume is legendary. chairman of the budget committee back in the day when they actually passed a budget, director of the office of management and budget, and chief of staff to president clinton when the white house, director of the central intelligence agency, and now secretary of defense, so the question is what in the world are you going to do next. this extraordinary resume does not do justice to the man. leon panetta is a wonderful human being and in some ways a man of contra
.w.w brands of the light of ant.ses s. korgr >> the offense occurred predicted the defense secretary looked at how budget cuts could affect the pentagon. he spoke of the center for a new american security about the so- called fiscal quick and defense priorities. >> his resume is what i will call legendary. democratic senator. chairman of the house budget committee when they actually passed budgets. director of office of management and budget, and chief of staff to president clinton and white house. now, secretary of defense. the question, what in the world will you do next? this does not do justice to the man. he is a wonderful human being with many different facets, and in some ways, a man of contrast. i will give you a couple of examples. he is known for his warm, italian bear hugs. he is also known around the world for the laser like focus he displayed in hunting down osama bin laden. he often holds meetings in his pentagon office with his dog curled up around his feet as he vigorously presses a particular war plan will it be of particular interest. when traveling he is known to hang out
will be susan rice for this job. the secretary of defense you had a hoosier in the secretary of defense. i do see duke lugar here. you think that he will cross the aisle, the president will go for a republican secretary of defense? >> he could go for olympia snow, who was on the intelligence committee. you could put snow over at defense. i think john kerry has a strong case to make for defense. putting a republican, it works with bob gates it could work again. >> william cohen too. >> absolutely. >> bob kerry for you joe tell me about bob kerry. he lost in the senate race. they owe him a favor? >> they owe him big time. if indiana is going to be the bread basket of the cabinet members, i say let's go outside that particular box. bob kerry of nebraska, war veteran, knows what it's like to be in combat, kind of an innovative thinker president of the new school in new york, very creative outside the box kind of guy to the point you don't know exactly what he's going to say. what's not to like about a wacky secretary of defense. he could be somebody who is -- he is a serious ideas guy someone con
those deadly attacks on the u.s. consulate in libya. her defense failed to convince her republican critics. nbc's tracie potts is on capitol hill with more on this. tracie, good morning to you. >> lynn, good morning. rice admitted that when she said the ambassador and three others who were killed were the result of spontaneous attacks, the information was partially wrong. as she has done before, in a statement after her meeting, she blamed it on bad intelligence information, talking points where references to al queda had been taken out according to sources and attacked changes to demonstrations, despite the defense from the white house, despite her sitting down with republicans john mccain, kelly ayotte and senator lindsey graham, it looks like that meeting at least from her point of view was unsuccessful. here is what those republicans had to say after their meeting. >> we are significantly troubled by many of the answers that we got and some that we didn't get. concerning evidence that is overwhelming leading up to the attack on our consulate. >> clearly the impression that was
the spokeswoman for the israeli defense forces and from the leader of hamas. plus our reporters on the ground and a whole lot more. we begin with a look at what has transpired over just the last 24 hours. it is remarkable there was a cease-fire this hour, when you consider how this wednesday started off. take a look. add midday, no sign of a truce yet when a city bus is bombed in tel-aviv. at least two dozen were wounded. israeli police say terrorists left two bombs on the bus and fled. only one exploded. hamas praised the attack near the headquarters of the israeli defense forces but the group didn't claim responsibility. farther south in israeli a home was hit by a rocket, room after room left in ruins. according to the military, more than 60 rockets were fired from gaza today, with more than 40 landed in israel. the others were intercepted. across the border in gaza, several large explosions throughout the morning and afternoon. 100 strikes confirmed by the israelis today before the cease-fire. the sky covered in smoke, the city on edge. on some streets buildings were turned to rubble. cnn
the term "active defense." they're taking that continental interior looking at the view and applying it that sea to protect themselves but also i think to secure the communications for the energy flow into asia along the sea lions. as long as it is done in a constructive laway. then that is good. the contrary is not. the question from indian ocean. and it does not take well to the construction of water, which is a religious standpoint it in massive an infrastructure. i think it draws attention not just to what india thinks of it, but water is at the heart not only of the world's most dangerous or son, but also the world's most dangerous civil war zone. while we're discussing many things, we're underestimating the potential of have it within pakistan upon many of these new infrastructures that have been developed in china. it is certainly far more concerned about [indiscernible] then east to be five years ago. they have been attacked in that region. karachi is self, attacks within karachi, the pakistani forces have not been able to contain them. they just forget about them without inv
of the defense spending cuts and we're not going to fold the debt ceiling increase into this deal, and i think the white house was very taken aback by the meagerness of that offer. and so there's a different tone. but if the substance is going to be enough and the time is short, it's really going to be complicated to get this done by the end of the year. >> mosark, if the debt ceiling not wrapped up, the president is not going for it. he does not want to face this twice. >> it's impossible to imagine, that's such a key piece for the white house, just not to have this fight again. it's going to have to be a joint whip operation in the house. i think there will be a period from the time there's a deal amongst the leaders in the bipartisan leadership in the white house, there will be a period from then until it gets passage in the house that will look like where are the votes going to possibly come from. but if stan hoyer and john boehner are willing to do a deal that they can both support, i think they can get to a majority in the house. the key -- the real trick is the two-part thing or maybe t
. majority ritter harry reid hopes the senate to work, 2013 defense program. off of the 4 u.s. ambassador susan rice meet with republican senators discussing the september attack on the consulate in benghazi, libya and she will talk with susan collins and senator bob corker. yesterday she sat down with senator mccain, gramm and ayat. senator mccain told reporters the information she gave the american people was incorrect, but a spontaneous demonstration triggered by hateful video. it was not and there was compelling evidence that the time that was certainly not the case. the house transportation and infrastructure committee is holding at hearing on amtrak's restructuring plans. the committee will hear from the inspector general and amtrak's president and representative from the united transportation union live at 10:00 eastern on our companion network c-span. [applause] >> last night secretary of state condoleezza rice and chancellor of the new york city public schools joel kline had a somewhat on education reform in washington examining america's education system and the impact on nation
'll also hear from the spokeswoman for the israeli defense forces and the leader much hamas. plus, a reporter on the ground and whole lot more. we begin with a look at what has transpired over the last 24 hours, and it's remarkable there is a cease-fire at this hour when you consider how this wednesday started off. take a look. at mid day, no sign of a truce when a city bus is bombed in tell aviv, two dozen people twounded. terrorists left two bombs on the bus and fled. only one exploded. hamas praised attack, near the headquarters of the israeli defense forces. farther south, an israeli home hit by a rocket. room after room, left in ruins. according to the israeli military, more than 60 rockets were fired from gaza today, more than 40 landing in southern israel. others were intercepted. across the border in gaza several large explosions throughout the morning and afternoon. 100 strikes confirmed by israeli authorities today before the cease-fire. the skyline of gaza city covered in smoke. the city on edge. on some streets, buildings were turned to rubble. ar arwa damon got a look
of gaza. this time around the rules are different. the missile defense system improve the iron dome stopping the incoming rockets but hamas is better armed having the backing of the islamist government in egypt for presenting a challenge for the gabbana administration. and admiral james lyons from the pacific fleet and congressmen covert from texas. obama once more than $1 trillion of tax hikes but will not renounce spending. the "chalk talk" what that does not add up to anything meaningful we will talk with one guest to stifle economic growth. also to analyze this cycle to bring down the head of the cia. admiral, it is good to have you with us. turned to the talking points. it seems no one after general petraeus made it clear their ranges in the talking points, testimony has been surveyed and mike rogers said it has to be the white house everybody else testified. >> by a agree. i am sure the white house representative council had marching orders. lou: and petraeus said part of the confusion between the testimony he gave to congress three days after september 11 represents what happ
are vastly different. israel's missile defense system has greatly improved, the iron dome will when incoming rockets that israel is taking on a better armed hamas. this all presenting a serious challenge for both the united states and the obama administration and obstacles in creating a genuine palestinian peace process. we will take all of that up tonight with admiral james lyons. congressman louie gohmert of texas will also be here fred also, president obama has no plan to announce tax cuts and spending cuts. why they don't add up to anything meaningful. lou: the testimony before congress has been surveyed. congressman mike rogers. everyone else has testified that they didn't. do you agree? >> i do agree. and the deputies committee, i'm sure the white house representatives of national security from the national security agency council had their orders. lou: general david petraeus says for his part, one of the confusing things -- confusion between the testimony he gave to congress three days after september 11 and what he said over the past few days in congress, it represents what happens w
. defense cuts -- defense is the largest area of total federal spending when it comes to procurement salaries and wages and was more than 3.5% of the total gdp of the states. mark is the next caller from maryland. caller: hello, how are you doing? i just wanted to make a statement. you cannot satisfy these people. people are not going to ever be satisfied. they are of the situation of who obama is and what he is representing and so forth. you are going to have republicans, you're going to have democrats and independents -- everybody is against this man. host: what do you think about the role states should play? should they have a say as congress and the white house talk about the fiscal cliff? caller: the whole thing about the matter is, the states have their own problems. they need to handle their own problems. do you know what i am saying? they need to let the president -- he is the president of the united states of america. he needs to get over saying he is not this and he is not that. host: it is also the congress that has an influence a role in this. should the states trust cong
billion in first year. half to defense programs. half to nondefense. cbo says going off the cliff would lead to a recession next year. we have fox team coverage tonight. ed henry is trying to read tea leaves on a day of mixed signals from all sides but we begin with mike emanuel on the possibility that g.o.p. lawmakers may put their oath of office above a promise to antitax increase organizer. good evening. >> good evening. the republican sources say they are offering a balanced approach of significant spending cuts and some revenue without boosting tax rates. >> we have been responsible as we remain firm on this point. no tax increases now for promised spending cuts that won't materialize later. the american people have seen that game before. they won't be fooled again. >> the top republican on the senate budget chel explained the g.o.p. plan to bring in more money. >> eliminate all kind of loopholes and gimmicks and increase revenue without raising the top marginal rate. that most economists say would hurt the economy if we were to do it. >> the republicans are being confronted in the
changed the outcome of the trial? let's ask criminal defense attorney and legal analyst arthur eye daidala. could it have changed anything? >> yes. it could have. you never know what a juror is going to hold on to. however 12 people found they didn't meet their burden of proving their case beyond a reasonable doubt. the likelihood it would not have changed anything. ad it is hard for me to believe that the district attorney's office didn't know this. >> if that's the case why would they hide it? >> they had a very specific theory of their case when george, the dad -- the last time he had caylee. that google search didn't fit in with that time line. they don't have to present all of their evidence to the jury. they have to give it all to the defense attorney. jose bias wasn't surprised when his investigators found it. in the real world of criminal law it is so uncommon for the defense team to find evidence that the prosecution didn't. their resources, the prosecution team, they have hundreds of lawyers, hundreds of investigators, hundreds of experts. this computer had to have ripped apart b
just behind event at 10.4%. now for people who don't understand, you guys get a lot of defense contracts because of general dynamics, lockheed martin working out of a state of long island. how many jobs would you lose if the sequestration hit and the cuts come in for defense? >> to be devastating on all levels. not only defense, especially in ourrstate, but all across all sectors would be devastating. how much more we can do, it is unfathomable at this point. they would have to address the fiscal cliff. just urging washington to do the right thing whether it is simpson-bowles, john boehner and harry reid, everybody getting together. let's get on with it. liz: you got back from my plays were trying to lure jobs from a software company, any luck on that front? >> to have a strong presence in rhode island which they acquired in long island and we want them to stay and grow me very productive meeting face-to-face with the ceo of. that is always a good idea to have a face-to-face meeting. liz: i know we have to go, but quick question, are you preparing two separate budgets for the i
against israel because their defenses against short-range missiles, in this case, with the iron dome system, but also with the patriot system against possible iranian long-range missiles is going to take leverage away from iran. keep pulling the world together against iran. that's the source of the problem. >> what about the gaza cease-fire? when do hostilities begin again? when does fighting begin again? how much time has been purchased? >> if egypt will take a strong role here to stop the tunnels from being used for weaponry getting into gaza, this could lead to a real plus. >> you know, i read something this week, robert keegan wrote, this is not a question of american influence in the region, it's american interests to take on all of these difficult problems. you talk about syria, the oppression there. conn condoleezza rice arguing in an op-ed this morning in "the washington post" that the u.s. has to do something, yes, it's risky, but there has to be more involvement. the breakdown of the middle east state system is a graver risk than the risks of getting involved in syria. iran
a statement shortly after the meeting reiterating her defense. i quote "we stressed that neither i nor anyone else in the administration intended to mislead the american people at any stage in this process and the administration updated congress and the american people as our assessments evolved." joining us now is abc white house correspondent jake tapper, the author of the much lauded new book "the outpost." first, i want to ask you about benghazi gate. honestly die understand what the senators continue to be upset about. susan rice has acknowledged her statements were wrong but were based upon the best intelligence at the moment. is there any reason not to believe that statement on her part? >> well, one of the things that senator graham said today was that he wants more of the investigation -- the information to come out. the fbi agents who had interviewed survivors of the attack. and he wants to know more information before he says he would be willing to elevate somebody who was involved in any part of this controvers
crimes charges that he's facing. this in a way i think could be a strategy on the part of the defense to maneuver and maybe break it apart. >> cenk: that's interesting. even if you break it apart the prosecution still can pursue the big are charges right? i'm not sure i see the upside of unilaterally giving a plea where you admit to even the lesser charges. >> yeah, and i think you have a valid can certain. i have that concern myself as somebody who has been following this all along. the question is what can you gain. i guess it's just this conventional wisdom that you're giving the judge a possibility that she wouldn't have to handle this long, you drown-out trial that could last all of next year. >> cenk: so what. it's their job. i've been curious about the defense for a long time. the defense does seem to have one interesting idea, which is hey, if you treat someone in a certain inhumane way before you go to trial, apparently that can be grounds for dismissal. is there any chance that will work? >> probably thought but i mean as far as the defense goes, since there is clear evidenc
everybody but it is major, massive defense cut, defense cuts which the defense department is warning you can't do. it is payroll tax cut. it is jobless benefits will be cut. reimbursement rates for doctors who take medicare patients with the so-called doc fix. that will jeopardize potential care according to dr. seeing he will if. there are all sorts of things, it is easy to say, let it happen but, you know, it is hard to believe they will find the split call will they haven't been able to find because we start to dangle off the cliff as opposed to just approaching it. am i wrong? >> lawmakers do love to do nothing. they're very good at that. in this case doing nothing has some appeal. the consequences, speaker of the house john boehner and the president both know what happens in the future for them in what they're doing will be made much harder if they can't demonstrate they have the will now to at least get a framework deal together. that is just the way that that is. but the problem that they face is that very liberal democrats and very conservative republicans are going to look at them a
gathering. [laughter] i know many of you and your friends and neighbors are recovering from the defense of hurricane sandy -- i want to let you know our thoughts are with everyone who has suffered during the storm and its aftermath. it has been a very challenging time for new york city. i think you have shown quite a bit of fortitude in coming back and getting back to business. my remarks today are going to focus on the reasons for the disappointingly slow pace of economic recovery in the united states, and the policy actions that have been taken by the federal open market committee to support the economy. in addition, i will discuss important economic challenges our country faces as we close out 2012 and move into 2013, in particular the challenge of putting federal government finances on a sustainable path and the longer run while avoiding actions that would endanger the economic recovery in the near term. the economy is continuing to recover from the financial crisis and recession, but the pace of the recovery has been slower than fomc participants and others had hoped or anticipated
that i have observed that works and is helpful for the department of the defense. talking about a strategy, a broader view, and then through the report get into the details. in the congress, we have all these different committees that claimed some part of the jurisdiction. i had a simple solution. pete, we need some energy legislation and leadership. good luck. every now and then, i would get into his territory and he would teach me a lesson about how far i could get into energy policy because he would come to me and say we have to do this differently. one of the questions i know people will ask -- why are you doing it now? the obama administration will have an opportunity to look at these proposals in november and december and hopefully decide to take advantage of them and use them next year. also i am hopeful and will recommend that this not just be administrative action. congress should implement this, too. beyond that, we will have the proper recommendations with regard to other issues of security, jobs, efficiencies, innovation. this is such an important part of our economy
defense programs clinton sealed the deal, next went to jerusalem and finally cairo. for final talks with egypt's leaders. nbc's jim maceda has more. >> reporter: morsi, the former muslim brotherhood leader has boosted his credibility with u.s. and israel, and has become a politician to deal with in the arab world but it is one thing to broker a cease-fire, now he will have to enforce it and crack down on hamas and their weapons smuggling >> reporter: president obama who visited israel as a candidate four years ago but not since has to decide his next steps. >> the first thing he has to do is decide whether or not he is going to invest in the effort to resolve the israeli-palestinian conflict. i think at the moment it is a stain on his legacy. >> reporter: the u.s. officials are looking at what could be the birth of a new start with the less clear is how the u.s. will handle hamas, which is clearly empowered >>> and now, how all of this is playing out in israel and gaza, nbc's veteran middle east correspondent martin fletcher is in tel aviv tonight. and our chief foreign corresponden
the federal government is preparing for the so-called sequestration, the automatic spending cuts to defense and domestic spending. later, a discussion of reforming the u.s. postal service by the end of this year. the u.s. postal service lost $16 billion in the fiscal 2012. many are calling for this congress to do something to reform how the postal service works. those are our topics coming up next. we will be right back. >[video clip] >> what about the soviet union, khrushchev announced tomorrow that if we attack cuba that it's going to be nuclear war? >> this is such a serious thing that we will be uneasy and things happening. we've got to do something. >> all right. " i would want to keep my own people very alert. >> tell them hang on tight. >> it is amazing that eisenhower tells him to have his people alert, because everyone is completely on edge. and of course kennedy laps. and he says to hang on tight, which is a nice moment that even on this terribly tense day they're able to joke a little bit with each other, especially during this crisis. i think they have a sense of how lonely it i
to self-defense, but i'm not going further than that. >> why can't you say that you don't agree with the turks? >> because i'm not going to get in a public spinning match with allies on either side, not going to do that. >> and what is worse, public spinning match is worse than hundreds of people dying every day. >> i don't understand the question here, there's not a question here, you're just looking for a fight, let's go-- >> no, the fight is already on. >> yes, absolutely. >> what's going on over there. >> absolutely. >> and you guys by refuse to go say anything about what you're trying to do or refusing to say whether you agree or disagree with the comments that are being made by your allies or others-- >> we. >> that makes things worse not better. >> we of course agree that rhetorical attacks against israel are not helpful at this moment. is that what you're looking for, matt? >> that's victoria nuland a spokeswoman for the state department hammered by matt lee who wanted more of a response to this statement from the prime minister of turkey. it read, those who speak of mus
security and medicare, make some defense cuts if you have to but we'd rather just see the rich get taxed and the near rich get taxed if we have to do that. >> the numbers do not add up, the left is being fundamentally dishonest. they are saying you don't have to cut social security or medicare or medicaid to get the deficit down, all you've got to do is tax the rich some more. they are recklessly suggesting that we go deeper and deeper and deeper into debt heading towards bankruptcy. the numbers, megyn are stunning. we have an unfunded liability for medicare of $42 trillion. an unfunded liability for social security of $20 trillion. and a further 20 trillion for unfunded pensions for federal employees, that adds up to $86 trillion which are committed to pay in the future and the money we do not have. therefore, you cannot just tax the rich to get rid of the deficit. you simply can't do that. the numbers don't add up. megyn: chris, what do you make of this, the president is now going to go out on what looks like sort of like a campaign stop on friday to pennsylvania. he already had this m
'll also hear from the spokesperson for the israeli defense forces, and the leader of hamas, plus, the reporters on the ground, and we'll look at what transpired over the last 24 hours. it is remarkable there was a cease-fire this hour, when you consider how this wednesday started off. take a look. at mid-day, no sign of a truce yet when a city bus is bombed in tel aviv. at least two dozen were wounded. israeli police say hamas left the bombs on the bus. only one exploded. hamas praised the attack, but the group didn't claim responsibility. farther south, an israeli home was hit by a rocket, room after room, left in ruins. according to the military, more than 60 rockets were fired from gaza today, with more than 40 landed in israel. the others were intercepted. across the border in gaza, the explosions throughout the morning and afternoon. a 100 strikes confirmed by the israelis today before the cease-fire. the sky covered in smoke, the city on edge. cnn's a away -- arwa damon has more. >> reporter: there is a bouquet lying there amidst the rubble. it appears in this case, the tar
. israel's missile defense systems greatly improved, the iron dome successfully intercepting hundreds of in coming rockets, but, israel is facing a better armed hamas, that has the backing of a new islamist government in egypt. this all presenting a serious challenge for both the united states, and the obama administration. and, new obstacles in creating a genuine israeli-palestinian peace process. we'll take all of that up here tonight, with admiral james lyons, retired commander of the u.s. pacific fleet and also, president obama wants more in the $1.5 trillion in tax hikes, but he has no plan -- or announced cuts in spending, why those tax hikes don't add up to anything meaningful and we'll talk with the ceo of cke restaurants, andy puzder and says, tax rates will stifle economic growth and our favorite doctors are here, to psychoanalyze the scandal that brought down the head of the cia. we are delighted to be joined, now, by the admiral james lyons, retired commander of the u.s. pacific fleet. it is always good to have you with us. thanks for being here. >> nice to be back with yo
. the companies that are getting huge defense contracts are now experts on what we ought to do with the budget. and they are there protecting their own backside. that's the only way i see it. they don't want to give up any revenue whatsoever. as for social security, its solvency is extended into 2033. do we have to do anything about that right now? do we need to raise the cap? >> no. and i think any move to put social security into this deal is going to hemorrhage a lot of support. so i think that's a nonstarter. the defense budget has to be part of this too. some of these rich guys are willing to put defense on the table. good for them. some may not be so wild about that. and if defense isn't part of the deal, then again, it's not a serious deal. >> and i have to point out, these are the big business leaders that are getting intervinte interviewed talking about the insecurity in the economy. i don't know. the early reports is that black friday was pretty good. the weekend was strong and cyber monday ain't bad either. so the fear talk doesn't seem to be playing on the consumer. e.j. dionne, gr
is essentially acting in self-defense. >> self-defense, which would be true if he were the president of nicaragua. but as president of the united states of america, president reagan even after the huge victory could not convince the united states of america that waging war in nicaragua would actually be self-defense. it would be in our self-interest. so president reagan when he couldn't persuade the country, instead he would wage the war in secret. that secret war in central america led to the huge second term failure of the ronald reagan presidency, which was the iran contra affair. it's amazing that in that scandal he avoided impeachment. 14 administration officials up to and including the defense secretary were indicted. the only reason most of them staid out of prison is because poppy bush pardoned them. it was a disaster. that was ronald reagan's second term after he got reelected with a map that looked like this. when fdr got reelected to his second term, the map was almost the exact opposite. this was 1936. fdr did better than reagan. he got 523 electoral votes. his opponent got 8 electora
, there is no near-term risk factored in, and that makes me very nervous. we are being very defensive, given that risk is still out there. i wouldn't be shocked to see 5%, 10%, if we went off the cliff on the s&p. that wouldn't be a big surprise to me. put it into perspective, last august when we had the debt ceiling and a downgrade, we saw a much bigger fall in the stock market then. >> susie: you say you're uncomfortable with this kind of uncertainty. how are you positioning the portfolios for your investors? you said you're defensive. tell us more. >> so into the u.s. election, especially given that the polls were leaning towards obama, we had taken a defensive stance already. we had gone slightly underweight equities, and added more things like high-yield mortgage debt, emerging market debt, and mortgage-backed securities, that will yield as much as capital appreciation, and investments that have lower volatility than the stock market. so we have an overweight there. those investments i just spoke about, that's about 24% of our portfolio right now, and that's definitely helped us get thr
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